Ann: CEO Presentation to Shareholders, page-2

At the AGM, JoAnne Stephenson sounded tense, nervous and hesitant delivering the first two-thirds of her Chairman's address. (I'd do no better).

'Attending' various AGMs, some companies have showed live vision of some key players (such as NTD with its CEO yesterday, but not with its Chairman) while others like MYR have elected for only photos, forcing attendees to focus on the voice.

It is early days but encouraging that NSW in-store sales have risen 35 per cent YOY in the first two weeks post-lockdown. Whether this is atypical due to those unable to visit a store for weeks and not willing to shop online is a moot point. It may not be a good comparison with FY20 or for that matter the pre-COVID-19 FY 19.

MD/CEO John King, who was much more confident than the Chairman in his delivery, highlighted lockdown periods even included the dates for the MYR Stocktake Sale. He ran through numerous other historic FY 21 metrics that I won't repeat, as they're in the presentation.

He said 'inventory has never been in a better position'.

The outlook re CBD stores 'remains cautious'.

He emphasised MYR online sales are profitable and repeated, as he had at an earlier presentation that MYR online sales in FY 21 of A$539 million exceeded, for instance, TPW's A$236 million. (TPW is trading at A$12.37).

While MYR didn't provide raw numbers, it's good that there's been growth in new Myer ONE joiners in the 18-30 year age group.

The shopper data MYR holds via what it calls M-Metrics must be potentially valuable. However it doesn't use it nearly as much yet as say WOW or to a lesser degree COL, both of which tailor offers to individual shoppers. WOW is probably the Australian leader with this. ('AFR' recent article claimed MYR online alone could be worth A$2 billion - remains to be seen). Mr King acknowledged that the online value was as yet unrealised: our biggest potential source of value. The National Distribution Centre (yet to be completed) will add to the ability to serve shoppers and drive efficiencies. Significant unrealised value exists in the company.

Chadstone, Vic store's 'relayering' (whatever that means) will be completed this month.

MYR is 'Christmas ready'. There have been strong sales in non-lockdown states and online (although with neither, he didn't give a percentage).

Mr King said the 'customer first' plan was delivering despite 'extraordinary market conditions'.